Hudson Company's actuary has provided the following information concerning the company's defined benefit pension plan at the end of 2013:
| Fair value of plan assets (1/1/2013) |
$350,000 |
| Actual projected benefit obligation (1/1/2013) |
360,000 |
| Expected projected benefit obligation (1/1/2013) |
424,000 |
| Average remaining service life of employees |
10 years |
The difference between the actual and expected projected benefit obligation first occurred in 2012.